Summary: Abu Dhabi National Insurance Co. (PSC) Sep 11
Standard & Poors, September 2011
Abstract
The ratings on United Arab Emirates-based insurer Abu Dhabi National Insurance Co. PSC (ADNIC) reflect its extremely strong capital adequacy, strong operating performance, strong liquidity, and strong competitive position. These strengths are in part offset by the high, but declining, use of reinsurance, and aggressive growth strategy. We consider capitalization to be strong. It is based on extremely strong risk-adjusted capital adequacy, partially offset by high reinsurance usage. We expect ADNIC to maintain its target of extremely strong capital adequacy with a high-quality, debt-free capital base. In our opinion, capital will continue to generously support the company's planned future operations. Volatility in shareholders' funds has largely stemmed from asset value fluctuations. We expect volatility to reduce following the introduction of...
Companies mentioned in this report are: Abu Dhabi National Insurance Co. (PSC)
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Abu Dhabi National Insurance Co. (PSC)
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